
This photograph is so utterly charming and lovely that I have a strong suspicion it is not genuinely vintage. It's too perfect.
According to comments in the vintage photo blog where I picked this up, this photo portrays Edwardian actress Gabrielle Ray, sometimes called "the first supermodel".
Regrettably, the lady suffered a nervous breakdown in the 1920's and was hospitalized for the last 50 years of her life. Photos of her on postcards are quite common, even now.